HCL Technologies reported a second consecutive quarter of soft revenue performance. COVID impact along with the nature of the deal ramp-up were some of the reasons cited.
The company reported 77 basis points sequential decline in operating margin due to COVID impact on revenue as well as cost heads along with expense on hiring and employee retention.
The company has maintained its double-digit constant currency revenue guidance and margin in the band of 19-21 percent.
While the new deal flow at $1.6 billion for the quarter was softer compared to Q4, it was nevertheless up over the year ago period.
The management sounded confident of a very good second quarter and better second half as well as a strong FY23.
In the special segment of ‘Moneycontrol Pro Ideas For Profit’, moneycontrol.com’s Madhuchanda Dey gets more details on the company’s performance, going forward.
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